Originally published on: December 01, 2024
In a surprising turn of events, Ripple’s XRP token has overtaken Solana in market capitalization during the current market cycle. This milestone marks XRP as the fourth-largest cryptocurrency based on market cap.
Data from CoinMarketCap reveals that XRP’s market cap stood at over $122 billion, eclipsing Solana’s $111.9 billion as of the latest update. This surge in XRP’s native token value has been remarkable, with prices peaking at $2.19 on December 1, hitting a seven-year high.
The impressive performance of XRP can be attributed to several factors, including key partnerships, innovative product developments by Ripple Labs, and speculation surrounding a potential XRP ETF. Rumors circulating about a significant investment in XRP and Ripple by tech mogul Elon Musk have also spurred interest in the cryptocurrency.
Market experts speculate that the recent surge in XRP’s value could be further bolstered by the submission of a filing for an XRP ETF by asset manager 21Shares. With the possibility of regulatory approval looming in early 2025, investors are optimistic about the future prospects of XRP.
Furthermore, Ripple Labs made headlines with the launch of the first tokenized money market fund on the XRP Ledger in partnership with Archax, a regulated cryptocurrency exchange in the UK. This innovative initiative signifies Ripple’s commitment to driving advancements in the digital asset space.
As the crypto landscape continues to evolve, XRP’s resilience and growth potential have captured the attention of market participants worldwide. With ongoing developments and partnerships in the pipeline, XRP is poised to remain a key player in the cryptocurrency market.
Don’t miss out on the latest insights and updates from the world of cryptocurrencies. Subscribe to our newsletter for exclusive content, market trends, and trading strategies to stay ahead of the curve. Join us as we navigate the exciting world of digital assets together.